Niche marketing can actually be anything that can be marketed to make money. To best understand the terminology I am going to break the words apart and define each one separately. A “Niche” is a selected group within field or category.
For instance, retail clothing would be considered a field because it includes all clothing types; baby cloths, man’s cloths, woman’s cloths, etc. Maternity cloths would be considered a niche, because it is a selected group within retail cloths.
The narrower that you can go within a particular category, for example, maternity clothing, the more targeted your marketing efforts will become. Clothing would be a field, or category. Maternity clothing, would be a niche. Petite clothing would also be a niche, within clothing.
Marketing is finding a way to let people know that you have a certain product available for them. It is how you describe this product and spread the word that becomes marketing. So marketing can be your ability to market your product or service to people that will have greater potential to buying that product or service.
Marketing could be done by radio advertisements, TV advertisements, newspaper ads, flyers, bulletin boards etc. That was the old standard way of marketing.
Today besides TV, most advertisements are now seen online, email, social media sites like Facebook, Linked-in, Twitter, etc. This is the new way of marketing. It is much cheaper, lets more people view the message, and can also be targeted toward anyone.
So when you combine the two words back together again, we say “niche marketing” is letting a selected group of people that have a higher potential to connect with the product or service. You are targeting only this small set of people that are only interested in a particular product or service.
Now that we have defined the terminology we need to see some examples of niche marketing and a niche website.
Some examples of niches are as follows. Notice how we start off in a broad area, and slowly narrow it down to become niches.
- Automotive >> Tools >> Hand tools >> Wrenches; would be a niche.
- Automotive >> Tools >> Power Tools >> Air Tools; would be a niche.
- Health and wellness >> Nutrition >> Supplements; would be a niche.
- Health and Wellness >> Lose weight >> Diet >> exercise equipment; would be a niche.
- Hobbies >> Train sets >> HO Scale train sets; Would be a niche.
So as you can see of the hundreds of categories of products available to the consumer, each one can be sub-divided into smaller, more focused groups of products. These products would now be marketed (targeted) to a selected group of people.
Niche Marketing has become big money in the online industry because of the sheer scale of available products. Not only is every consumer product being sold today divided, sub-divided and divided again into very precise and narrow niches, but then there are also digital products, software, programs, etc that market best online.
The sheer size of this market is ideal for entrepreneurs to open their doors and begin marketing all these products. No longer does anyone have to drive down to the local market to buy a product. You don’t have to wait for the store to open. You can buy it online at 3 o’clock in the morning.
This is why online sales keep doubling every year. This is another ideal market for stay-at-home Moms or Dads to take care of their children and still earn an income. The work from home business model is growing exponentially every year.
If you are a work from home mom or dad you must have a website that is specifically designed just for your business. This website is now a niche website.
If you decide you want to become an affiliate marketer for a certain product, Then having a niche website is an ideal way to market your brand or service. You just write content based on the niche of your choosing, select the keywords that will get you found in the search results, and you are now an affiliate marketer!
A niche website is a website that specializes in one thing or products or services for a selected group of people. For example, let us imagine you are a work from home mom taking care of your child. You decide to sell your child’s cloths that they are outgrowing.
You start a home-based business selling children cloths, new and used. You have friends that also have used children cloths that would be ideal for your business.
You decide on a company name, buy a domain name, find a host, build a website. All you have to do now is write content about these children cloths, add pictures, sizes, etc, then market your products to online viewers.
The selling of the products is the easy part. These cloths are so adorable they will sell themselves. The business side of the business, on the other hand, is a little more complicated.
That is why I recommend a membership site that is actually an online university that teaches you everything about the business side of your business, like hosting, building your website, how to market, where to market, how to get ranked in Google, etc, etc.
The online university I am referring to is Wealthy Affiliate. Here you can join for FREE! You can remain a free member forever if you wish. A free member only gets a limited amount of access, but you get two free websites and 20 free lessons just for trying them out.
The best known way to start a business working from home for free! If you decide na, this is not for me, it cost you nothing! Which is why I suggest you at least try it. You have nothing to lose and everything to gain!
Reaching Your Target Market
The niche you decide to go into business on will determine your targeted market. For example, children cloths you are obviously targeting parents with children. To be more specific, children ages between x.. and x..; boys or girls; sizes between x.. and x.. This is your targeted market.
The more specific you get, the smaller your targeted group becomes, the better you marketing efforts become. Why? Because the easier it will be to focus on a smaller group.
In niche marketing you are honing in on a specific group of targeted, selected group of people. So if you were selling shoes for people who were handicapped, that had to wear special corrected shoes, your target market is extremely small. But this group of people will be more likely to buy from you than just look and leave.
The better you become in narrowing down your target market the more successful you will be with your focus. You should be able to define the demographics of the people you want to be your customers, for example, their age, the sex, the employment status (if any), their ethnic, their religion, etc.
Niche marketing is especially effective for reaching consumers who can be targeted on certain characteristics, such as hobby or occupation or even political causes. Some examples of customers who could be the focus of niche marketing include:
- A couple who are planning a wedding
- Animal lovers
- Model airplane enthusiasts
- New homeowners
How To Develop A Niche Marketing Plan
When you first start to implement a niche marketing plan, you have to have a starting place. Answer these few very important questions:
- Learn what your ideal customer likes about your product.
- Learn to meet their unique needs.
- What are they influenced by, advertisements or word of mouth?
- Where does this customer live, the city or country?
- Is your customer employed?
- Who do they follow on twitter?
- Do they read books or magazines?
By narrowing down some of these choices about your ideal customer will help you determine the best way to market these individuals. The more familiar you become to your ideal candidate, the more likelihood you will be successful in marketing your product to them.
To be successful in marketing to your target group audience you need to meet their unique needs. you must appeal and answer their specific needs or desires. The better you know the likes, dislikes of your audience, the better your focus.
Get to know your niche market by speaking their language. Once you determine their needs and address it by providing a product or service then you will know which way to market.
Competition is not always a ‘bad’ thing. If there is no competition, then there is probably no market to earn revenue from. Chances are other companies have failed to penetrate this particular group. This may be a sign to look elsewhere, unless you have such a unique approach that failure is not a question.
An ideal scenario is to find a market online that caters to your product or service, and it has low competition and high search volume. This would insure you to have the potential to acquire new customers.
Generally even in the low competition area of a market, you still have many companies to compete with. This is where uniqueness and value-oriented companies will prosper. Don’t look the same nor act the same as your competitor. Be unique. Stand out in a crowd. Don’t be afraid to be different.
Back in my childhood I remember a company that used old antique cars with their company name on them to advertise with. That was a very unique billboard sign to get the attention of potential buyers!
If you can be different and provide value eventually word of mouth will increase your share of the market. The company that thinks outside of the box and is clever in their delivery of marketing will be the company to dominate their market.
For more information to help you determine your niche market and how to define it, please read my Book Review of What is a Niche Marketing.